WTI Crude Oil
The WTI Crude Oil market initially dipped during the Tuesday session but turned around the show signs of strength and gain 0.75% as I record this video. The $67 level above will be resistance, but I think we will probably break above it, because it is minor in its resistance and support over the past. I think that if we can break above there, the market should continue to go towards the $68 level and beyond. Short-term pullbacks should be supported down at the $65 level, and I think that if we broke down below the $64.50 level, the market could unwind rather rapidly. However, the rounded bottom in this market suggests to me that we are trying to build up the upward momentum.
Brent
Brent markets were very noisy as well, initially pulling back to the $76 level, an area that has seen some action as of late. It looks likely that we could continue to go higher from here, but it’s going to be choppy to say the least. If we were to break down below the $74 level, that would negate everything and send this market much lower. However, I think that the market is very likely to go looking towards $78 sooner than anything else. With this in mind, I am cautiously optimistic but would use a small position.